Get -R- Done!!!
Dubious lending practices such as sub-prime mortgages brought a lot of buyers who normally would not have qualified for a loan into the home- buying experience a few years before they were financially ready. This created a larger-than-normal increase in buyers and — supply and demand being what it is — home prices went up. This financial house of cards collapsed, and has led to a corresponding decrease in home sales and home prices
While there are many buyers out there, more are waiting on the sidelines to see what will happen next. So, given this information, how do you sell your home in a down market?
First, make sure your pricing is right. If a home is over-priced, spending a billion dollars to advertise it will not get it sold. In a seller’s market, there’s nothing wrong with setting your price a little higher than the last one because prices are steadily rising.
But in a buyers’ market, which we most certainly are in, your price should be a little lower than the last comparable sale — and not just a few percentage points lower, either. When was the last time you rushed out to the mall to take advantage of a 2 percent sale? You need to have a real sale, so how about 5 percent to 10 percent less?
Second, pick the right real estate company and the best agent you can because there is a significant difference between them. Look for an agency with the best Internet and smart-phone technology, since 90 percent of buyers go online before they ever call a Realtor and use their smart phones to get information they need. And look for agents that get homes sold, not just listed.
Finally, make sure your home is a notch above your competition. Go to open houses of comparable homes and see for yourself what they offer versus yours. And then go to work on your house.
In the weeks that follow, we will explore the key ideas you can implement to sell your home for the highest price in the least amount of time. If you do these things, you can make your home the frontrunner in a slow market
